Ethena Rises 8.3% in Four Hours to $0.2929 as Shorts Liquidate

Standard Chartered predicts Ethena's ENA token could reach $2 by 2028, a 7x increase from current levels, outperforming Bitcoin and Ethereum returns. This growth hinges on USDe supply expanding to $40 billion, reversing its current contraction and scaling new yield sources. The bank's forecast assumes Ethena can diversify its revenue streams and maintain competitive yields.

Standard Chartered initiated coverage on Ethena's ENA token, setting a $2 price target for 2028, implying 614% upside from $0.28. The bank ranks Ethena as the fourth-largest stablecoin issuer and expects its USDe stablecoin supply to reach $40 billion by 2028. ENA's price surged 8% to $0.2807, with key resistance at $0.30 and support at $0.22.

Standard Chartered initiated coverage of Ethena's ENA token, predicting a sevenfold increase to $2 by 2028. The firm's price targets for ENA surpass its forecasts for Bitcoin and Ethereum. ENA's price rose over 4% in 24 hours, trading at around $0.2. The bank cited potential risks, including slower growth in stablecoins and tokenized assets. Ethena is the fourth-largest stablecoin issuer, with USDe being the fastest to reach a $10 billion market cap.

Ethena (ENA) surged 5.36% due to strategic integrations, including tokenized US equities via Binance’s bStocks, expanding its collateral pool. Tokenomics improvements, such as unlocking investor allocations and ending USDe incentives, also contributed. The rise occurred amid a broader altcoin and DeFi market rally, with ENA cited as a top performer. Key metrics like spot and derivatives volume increased significantly.

Ethena's ENA token surged 25.83% following its integration with Binance, expanding its basis-trading model to include tokenized equities. The collaboration broadened Ethena's collateral pool, with spot volume increasing 78.25% to $1.11 billion. Coinbase custody deposits added $7.73 million in ENA to Bybit, potentially increasing supply. Derivatives trading volume rose 73.67% to $1.74 billion, with open interest up 39.64% to $832.99 million.

Ethena's ENA token surged 24% following a partnership with Binance, while Bitcoin traded near $84,000. XRP analysts highlighted key technical levels, with Bitcoin's dominance slipping to 58.6%. Other altcoins like CC, SUI, and PUMP also saw gains.